Existing investment customers

It’s easier than ever to switch your savings between any existing Nationwide savings accounts, or to open a new account.
We can also close the existing savings account you’re transferring from, if you'd like us to. Just let us know when you open a new account on nationwide.co.uk, via our Internet Bank or Banking app, if you're registered. Or come and see us in branch. (Subject to account terms & conditions.)

Understanding savings accounts

It can be difficult finding the right account for you, especially when there are so many different types available. We can help you understand what the differences are and help you start saving with confidence.

Types of savings accounts

There are a range of different types of savings accounts designed for different needs. Take a look below to get a quick explanation of the main types.

Cash ISAs

Cash ISAs are Individual Savings Accounts where your interest is not subject to tax. Your total annual ISA allowance for this year is £20,000 (2017/2018), which you can split as you wish between cash ISAs, Stocks & Shares ISAs, Innovative Finance ISAs and Lifetime ISAs (up to £4,000). Nationwide doesn’t offer the Innovative Finance ISA or the Lifetime ISA. You can only save with one provider for each type of ISA in the same tax year. With Nationwide you can split your cash ISA allowance between our full range of cash ISAs.

Savings accounts

The type of savings account you choose will depend on your goals. Generally, the longer you’re prepared to lock your money away, the more interest you can get. However, you might suffer a loss of interest if you withdraw from a long-term savings account at short notice and may incur an early access charge, so it’s worth considering how much flexibility you need.

Children's savings accounts

Savings accounts designed for children to manage their own savings and for parents and for friends and family to save for a child's future. Including cash Junior ISAs which allow you to save money for your child without paying tax on the interest.

Business savings accounts

Types of access to your money

Some savings accounts give you instant access to your money, others may limit how quickly you can get hold of your cash.

Generally, the longer you're prepared to lock your money away, the more interest you can get. However, you might have to pay a penalty if you withdraw from a long-term savings account at short notice, so it’s worth considering how much flexibility you need.

Instant access

If you need to get your money anytime then these accounts, with unlimited instant access, give you the highest level of flexibility. You can deposit or withdraw your money whenever you need to. This usually means you should expect to receive a lower rate of interest than in limited access accounts or those with fixed terms.

Limited access

If you don’t need unlimited instant access to your savings then these accounts could provide a higher rate of interest, however you will be limited to a fixed number of withdrawals per year. If you do need to withdraw from one of these accounts more often than the limit set, you will receive a lower level of interest.

Fixed term

If you’re saving for a long-term goal, you can lock your money away in a fixed term account and benefit from higher rates of interest. You won’t be able to access your money for the duration of the account term, which can be anything from 6 months to 5 years, and closing the account before the end of the term will lead to a loss of interest.

Helping you make the most of your savings

Sometimes it's difficult to know how best to grow your savings.

Our impartial savings guides may help you understand your savings options a little more, while our tools, services and support will help make saving easier. Explore the guides and support articles below to get the most out of your Nationwide savings accounts.

Nationwide Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 106078. You can confirm our registration on the FCA's website (This link will open in a new window) (https://www.the-fca.org.uk).